Stimulus Checks: How Much You're Getting | Hackensack

Andrew Cummings
March 29, 2020

If a payment doesn't hit your bank account or mailbox, or you get less than you think you're owed, you can make claim for what you think you're owed on the tax return you file in 2021.

"It really depends on what information the IRS has on you", Kyle Pomerleau, a resident fellow at the right-leaning American Enterprise Institute, told NPR.

In an interview with CNBC Thursday, Treasury Secretary Steven Mnuchin said checks would be in the mail, or direct deposited, within three weeks but did not offer other specifics. People with little or no income can qualify, which means money will flow to retired people and people who don't normally file tax returns.

Among other measures, the legislation includes one-time direct payments of up to $1,200 for adults with an adjusted gross income of up to $75,000 per year and $2,400 to married couples making up to $150,000 per year, as well as $500 payments per child to qualifying families.

Q: I am on Social Security, or do not make enough to file a tax return.

No. You do not need to be unemployed to receive a check. However, those who have not filed for either 2018 or 2019 are advised to talk with a tax advisor about how best to ensure that they will receive a check if they qualify for the assistance. The amount will then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 will not receive anything.

If you are a family of 4, you will be eligible for a maximum of $3,400.

Paper checks are expected to take longer to mail out. The money will automatically be transferred directly to the bank account you included in your most recent tax return. The payments will be automatic for people who have filed a tax return or gotten Social Security benefits recently.

Q: How will the money be sent?

What if I made more than $99,000 in 2018 or 2019? The IRS is expected to set up a system so that disabled veterans don't fall through the cracks. Am I out of luck? But if you have been working and filing taxes independently in recent years, you may qualify.

Janet Holtzblatt, a senior fellow at the Tax Policy Center, suspects the IRS's infrastructure, or lack thereof, will create even more delays for desperate people.

I'm not an American citizen. Do I get a check? That generally includes green card holders and those on work visas, such as an H-1B and H-2A.

Are the cash payments taxable? .

"The advance payments will be determined based on 2019 income-or 2018 income if that is all that is available to IRS-and the final amount of the benefits will be determined based on 2020 income and settled on the 2020 tax return".

Recipients will, of course, be anxious for the money to help pay bills.

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